On Monday, the stock market continued its downward trajectory, with share prices continuing to decline amidst prevailing bearish market sentiment, as the benchmark index fell 0.53 percent to settle at 101,777.12 basis points.
Basically, losses in Tier-1 banking tickers, Guaranty Trust Holding Company, First Bank of Nigeria Holdings, and Zenith Bank were the drivers of the drag in the market as their stock prices dipped by 7.73 percent, 1.29 percent, and 3.38 percent, respectively.
As a result, the year-to-date (YTD) return slipped to 36.11 percent.
At the end of trading activities on the first day of the week, equities investors lost N303.95 billion from their cumulative investments as the market capitalization closed lower at N57.56 trillion.
The market landscape was predominantly influenced by bearish activity, as the bourse recorded 32 losers compared to 10 gainers on the performance board.
Notably, Fidelity Bank, Jaiz Bank, RTBriscoe, Guaranty Trust Holding Company, and Universal Insurance led the losers’ chart, experiencing significant share price declines of 10.0 percent, 9.69 percent, 8.47 percent, 7.73 percent, and 7.69 percent, respectively.
Sell-off pressure was evident across sectors, particularly in the Banking, Insurance, Consumer, and Industrial Goods indexes, which declined by 3.83 percent, 0.51 percent, 0.01 percent, and 0.01 percent, respectively.
However, the oil and gas sector maintained stability from the previous session.
Activities at the NGX on Monday were unimpressive, as analysis of market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 66.79 percent. A total of 326.64 million shares valued at N7.17 billion were exchanged in 10,777 deals.
United Bank for Africa led the volume chart with 42.25 million units traded, while MTN Nigeria led the value charts with deals worth N1.17 billion.
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